Steel stock Cleveland-Cliffs is adding to its sharp year-to-date deficit today
Cleveland-Cliffs Inc (NYSE:CLF) stock is plummeting today, down 11.3% at $11.63 at last glance, after the company's disappointing third-quarter report. The steel giant posted losses of 33 cents per share, larger than analysts' anticipated losses of 31 cents per share, and revenue below expectations.
Headed for its largest single-day percentage loss since a 14.7% drop in February of 2021, the stock is on the short sell restricted (SSR) list today amid the volatility. Prior to today's gap lower, the shares were testing pressure at their declining 100-day moving average. Since the start of 2024, CLF now carries a roughly 42% deficit.
Options traders appear to be buying the dip today. So far, 19,000 CLF calls have been exchanged, in comparison to 9,513 puts. The November 13.50 call is the most active contract, with new positions opening there.
CLF's options pits have been unusually bullish over the last 10 weeks as well. The stock's 50-day call/put volume ratio of 5.42 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 84% of readings from the past year.